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General Information

Company Name

Project X Ltd dba Racefully

Operating Locations

London

Number of Employees

8

Registered Address

Eastside Kings Cross London N1C 4AX United Kingdom

Date of Incorporation

29 September 2014

Company Sector

Information Technology

Your main target audience is

Consumer

Racefully is a smartphone and wearables solution that enables users to keep fit with friends, coaches and celebrities from around the world wherever and whenever they want. Racefully uses a patent-pending system to dynamically account for differences in route, gradient and conditions, providing a meaningful comparison of how the user is doing compared to their friends - in real-time - as they exercise. Since all workouts are recorded, Racefully works just as well if users want to exercise with people at different times.

The Business

What problem does your company solve?

Studies demonstrate that people who exercise with others exercise more often and over longer periods, and enjoy themselves more, too. However, not everyone has friends to exercise with, or if they do, they may be in different locations, or only available at different times.

Qualifies for SEIS (UK companies only)

Yes, investment has already been made under SEIS is £GBP 150,000.00

Currently raising a round with a blend of SEIS and EIS of 73%/27% respectively.

Qualifies for EIS (UK companies only)

Yes

Equity fundraising target

£GBP 275,000.00

Pre-money valuation

£GBP 1,600,000.00

Previous year revenues

£GBP 0.00

Current full year estimated revenues

£GBP 195,000.00

Year to date revenues

£GBP 0.00

Financial year ends on

N/A

Previous Financings

No

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Analyst

John Eade

Sector

Information Technology

Industry

Racefully targets the fitness and mobile advertising markets. Both are in sustainable growth trends and have desirable demographics: they reach deep into the millennial generation.

Management

The management team has excellent experience in internet business management, digital entertainment, mobile app design and digital marketing. The company needs to get bigger quickly, as numerous competitors can enter the space relatively easily. Partnerships will be critical to extend the reach.

Competitive Advantage

This is a crowded market, and competitive advantages are critical. Racefully has a patent-pending system that “makes sure there is always someone” to exercise with. The company intends to file for US and EU patents as well. Racefully’s system is scalable, and can be carried into verticals beyond running. In addition, for investors, Racefully has successfully already raised money to develop the software. This is a welcome vote of confidence for a start-up company.